You could, but currently you still wouldn't be able to play 4K UHD bluray movies. For that you would also need to upgrade your CPU to Kaby Lake and get the latest PowerDVD software. You would also need to disable the GTX 1070 and use the integrated GPU on the Kaby Lake CPU instead. Even then it might not work because your motherboard also needs to have SGX and HDCP 2.2 implemented (with HDMI 2.0a output) for the integrated GPU.
http://www.cyberlink.com/support/faq-content.do?id=19144
The Geforce 10 series just got 4K streaming support on May, but they still don't have 4K bluray playback support. Hopefully next gen GPU's (AMD Vega/GF Volta) can handle all 4K content DRM alone without any other hardware (CPU/motherboard) involvement.
For now, 4K content streaming/playback has been made very difficult for PC users who don't want to spend big bucks upgrading their system. Therefore Xbox One S or dedicated 4K bluray player may be better option for those that need the feature now.